Socket Mobile, Inc. (NASDAQ:SCKT) Sees Large Increase in Short Interest

Posted by Amber O'Connor on Mar 28th, 2024

Socket Mobile, Inc. (NASDAQ:SCKT – Get Free Report) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 50,400 shares, an increase of 479.3% from the February 29th total of 8,700 shares. Based on an average daily trading volume, of 19,300 shares, the days-to-cover ratio is presently 2.6 days. Approximately 0.9% of the shares of the company are sold short.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Socket Mobile stock. Morgan Stanley grew its holdings in shares of Socket Mobile, Inc. (NASDAQ:SCKT – Free Report) by 11.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,463 shares of the company’s stock after acquiring an additional 6,253 shares during the quarter. Morgan Stanley owned 0.83% of Socket Mobile worth $115,000 at the end of the most recent quarter. 3.76% of the stock is owned by institutional investors.

Socket Mobile Trading Down 2.8 %

SCKT stock traded down $0.03 during mid-day trading on Thursday, hitting $1.02. 4,889 shares of the company were exchanged, compared to its average volume of 18,587. Socket Mobile has a 1-year low of $0.90 and a 1-year high of $2.01. The business has a 50 day simple moving average of $1.07 and a 200-day simple moving average of $1.12. The stock has a market capitalization of $7.70 million, a PE ratio of -4.04 and a beta of 0.83.

Socket Mobile (NASDAQ:SCKT – Get Free Report) last released its quarterly earnings results on Tuesday, March 5th. The company reported $0.08 earnings per share for the quarter. The company had revenue of $4.40 million during the quarter. Socket Mobile had a negative net margin of 11.27% and a negative return on equity of 10.02%.

About Socket Mobile

(Get Free Report)

Socket Mobile, Inc provides data capture and delivery solutions in the United States, Europe, Asia, and internationally. The company's products are used in mobile applications in the areas of point of sale, commercial services, asset tracking, manufacturing process and quality control, transportation and logistics, event management, medical, and education.